Pete Clark started a painting business in May. Prepare journal entries to record the transactions during the month of May detailed below. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Pete started the business by investing cash of $11,200, equipment with a fair value of $2,800, and painting supplies with a fair value of $480. 2. Entered into a painting contract with a client for a total of $1,400 that provided a deposit of $280 prior to commencing any work. 3. Purchased painting supplies for $192 on account. 4. Received cash of $672 for painting services provided. 5. Paid for one-year insurance in advance, $1,344. 6. Completed the painting contract in (2) above and received the balance owing in cash of $1,120. 7. Paid cash of $224 from the business bank account for Pete's personal expenses. 8. Paid for the supplies purchase in (3) above. Accounts Payable Accounts Receivable Advertising Expense Cash Equipment No Entry Notes Payable P. Clark, Capital P. Clark, Drawings Prepaid Insurance Rent Expense Salaries Expense Service Revenue Supplies Unearned Revenue Pete Clark started a painting business in May. Prepare journal entries to record the transactions during the month of May detailed below. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Pete started the business by investing cash of $11,200, equipment with a fair value of $2,800, and painting supplies with a fair value of $480. 2. Entered into a painting contract with a client for a total of $1,400 that provided a deposit of $280 prior to commencing any work. 3. Purchased painting supplies for $192 on account. 4. Received cash of $672 for painting services provided. 5. Paid for one-year insurance in advance, $1,344. 6. Completed the painting contract in (2) above and received the balance owing in cash of $1,120. 7. Paid cash of $224 from the business bank account for Pete's personal expenses. 8. Paid for the supplies purchase in (3) above. Accounts Payable Accounts Receivable Advertising Expense Cash Equipment No Entry Notes Payable P. Clark, Capital P. Clark, Drawings Prepaid Insurance Rent Expense Salaries Expense Service Revenue Supplies Unearned Revenue